5(1)There shall not be treated as part of a bankrupt’s estate or claimed for his estate under section 307 or 310 of the [1986 c. 45.] Insolvency Act 1986 any sums to which this paragraph applies and which he receives or is entitled to receive after the commencement of the bankruptcy.
(2)No debt or liability to which a bankrupt is or may become subject in respect of any such sum shall be included in his bankruptcy debts.
(3)This paragraph applies to any sum by way of loan under the arrangements payable to the bankrupt pursuant to an agreement entered into by him before or after the commencement of the bankruptcy.